The Nigerian Exchange (NGX) recorded a combined loss of about N1.9 trillion in market value over two trading sessions as investors sold off stocks ahead of the planned Dangote Refinery initial public offering (IPO).

The market suffered a sharp decline on Tuesday, losing N1.88 trillion, before recording another N20 billion drop on Wednesday.

Wednesday’s session ended with the market value falling from about N1.9 trillion to N1.88 trillion, representing a 1.17 per cent decline. Only four stocks recorded gains during the session.

Champion Breweries led the gainers, rising 9.90 per cent to N11.10, while GreenWef increased by 8.28 per cent to N757.85. UPDC also gained 5.88 per cent to close at N3.60.

The downturn was driven by widespread losses among listed stocks. BUA Cement and Stanbic IBTC ETF 30 were among the worst performers, each declining by 10 per cent.

The sell-off comes ahead of the planned Dangote Refinery IPO, which is expected to be one of the biggest public offers in the Nigerian capital market.

The refinery is valued at about N2.15 trillion, with its share offer scheduled to open on September 16, 2026, at N525 per share.

The strong market reaction suggests that some investors may be repositioning their portfolios ahead of the offer, potentially freeing up funds to participate in the landmark listing.